All signs point to a down YoY quarter in Singapore GGR
- Gross Lettings (paid and comped room nights) in Singapore were down almost 5% YoY QTD through August. As shown in the chart, GL and GGR track each other closely.
- We’re pretty sure Genting Singapore played unlucky in Q3 and probably lost volume share to LVS’s Marina Bay Sands (MBS)
- Our Q3 MBS estimate is for flat EBITDA. While there could be some downside, we believe any significant deviance from that number is likely due to low hold.